Mitsubishi and Packages Ltd. Finalize Price to Acquire Tri-Pack Ltd

In order to acquire stakes in Tri-Pack Limited, Packages Limited and Mitsubishi Corporation have concluded the purchase price.

The firm said: "The company's wish to acquire 19.33% of Mitsubishi Corporation (Mitsubishi) shares held in the Tri-pack Films Limited (Tri-pack) subject to price negotiations and compliance with all relevant corporative and legal requirements and permits, is continued in its letter SEC/18/2021 from 12 February 2021."

"In this respect, please note that, according to the terms of the contract of JV of 13 April 1993, both the company and the Mitsubishi have finalized their purchasing prices at Rs. 154.62(except for processing costs). Subject to compliance with all relevant legal provisions (including investment in partners and over loss enterprises) and applicable corporate or regulatory approvals, this transaction shall be performed," she said.

The first right of the company to refuse to buy the whole shareholding of Mitsubishi Corporation is in accordance with the JV arrangement between the parties.

Tri-Pack is a publicly-owned limited corporation listed by Pakistan Stock Exchange (PSX) which manufactures and sells mainly Biaxially Oriented Polypropylene (BOPP) movies and Cast Polypropylene (CPP) films. In Tri-Pack, the firm still holds 33.33%.